Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Firefighters’ 3,000 won meals spark nutrition concerns
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Yoon honors veterans of Korean War in trip to Philippines
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Hanwha Systems to develop air taxi with Overair
Hanwha Systems, the defense unit of Hanwha Group, said Sunday it would take part in an air taxi project by US personal air vehicle company Overair. On Friday, the opening ceremony of the US company -- recently spun off from aerospace-development firm Karem Aircraft -- was attended by CEO Ben Tigner and Hanwha Systems CEO Kim Yeon-chul. In December, the US Committee on Foreign Investment approved Hanwha Systems’ investment of $25 million in Overair. The Korean firm said it would contri
Feb. 16, 2020
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[Monitor] Car production in Korea declines nearly 30% in January
According to the trade industry, Korea’s demand for and exports of automobiles declined in January on-year. Car production decreased to 251,573 units last month, down 29 percent from the same month last year, due to the Lunar New Year holiday and partial strikes at some companies. Although sales of new cars from domestic brands, including the Hyundai Sonata, Kia K5, Kia Seltos and Genesis GV80, were strong, overall sales reached 98,755 units, down 15.9 percent on-year. (khnews@herald
Feb. 16, 2020
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FTC to report Naver Chairman to prosecutors for violating antitrust laws
South Korea’s Fair Trade Commission is set to report Naver Chairman Lee Hae-jin to prosecutors for alleged violation of antitrust laws, officials said Sunday. The antitrust watchdog said Lee is accused of omitting 20 affiliates, including Line Friends and some of his own and relatives’ companies, when submitting data to the FTC in 2015. The company was also found to have omitted eight affiliates owned by executives of nonprofit companies wholly owned by Naver in 2017 and 2018. Ea
Feb. 16, 2020
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[Herald Interview] The control engineer out to switch cancer off
When a team of South Korean researchers published research last month on a potential approach to treating bowel cancer, there was a huge buzz in the scientific media. There was no drug candidate for the approach but if one were found it could, in theory, mean that not just this, but other types of cancer could become a chronic illness rather than a life threatening condition. It would require years of study from here on, but at the end of our research will come the day when cancer patients
Feb. 16, 2020
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LG Chem gets default win in US ITC suit after SK Innovation’s contempt of court
The US’ International Trade Commission has made a default judgment in favor of LG Chem in its suit against SK Innovation, LG Chem said Sunday, hinting that the end is near in the legal tug-of-war between the two Korean battery makers. A default judgment occurs when a court rules in favor of the plaintiff in default following the defendant’s failure to fulfill due responsibility in a legal case. The US ITC might disclose the reason for its decision in the coming week. If the ITC
Feb. 16, 2020
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Carmakers still short of parts from China amid partial production
Carmakers in South Korea said Saturday some of their assembly lines are still short of auto components as parts suppliers in China partially resumed operations this week amid no signs of the new coronavirus slowing. Hyundai Motor Co. and its affiliate Kia Motors Corp., the country's two biggest carmakers, restarted production at their domestic plants Tuesday, mainly using auto components shipped from Southeast Asia. "Some parts from Southeast Asia arrived at the plants Monday, which hel
Feb. 15, 2020
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Samsung’s Galaxy Z Flip flies off shelves on first day
Samsung Electronics’ foldable phone Galaxy Z Flip went on sale online and offline in Korea on Friday, with some online vendors selling out within 30 minutes. It started taking preorders for its new flagship smartphone series Galaxy S20 the same day. The Galaxy Z Flip is available at Samsung’s official website and branches of major mobile carriers SK Telecom, KT and LG Uplus. Earlier in the day, LG Uplus said Z Flip models sold out 30 minutes after launching Friday. In the fir
Feb. 14, 2020
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Rival IPTV operators join hands for TV advertisement solutions
Two rival internet protocol television (IPTV) operators in South Korea said Friday they have joined hands to develop advanced TV advertisement solutions. KT Corp. and SK Broadband Co. said they agreed to collaborate in the field of addressable TV advertising technologies that can help advertisers to selectively segment TV audiences and send different ads based on viewer data. Under the deal, the two sides will work on standardization of such technologies and develop business models sharing
Feb. 14, 2020
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The elite S. Korean businesswoman behind Oscar-winning Parasite
The woman who stepped up to make the final acceptance speech when Bong Joon-ho's satire Parasite -- about the gap between rich and poor -- won the Oscar for Best Picture is herself a member of South Korea's wealthiest family. Miky Lee, an heiress turned media mogul, is the executive producer of the first non-English-language film to secure the Academy Awards' top prize in their 92-year history. The film has been praised at home and abroad for its critique of inequality, but Lee is the granddau
Feb. 13, 2020
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Hyundai Merchant's 2019 net losses narrow on increased sales
Hyundai Merchant Marine, South Korea's biggest shipping company by sales, said Thursday that its net losses narrowed in 2019 from a year earlier due to a rise in sales. Net losses narrowed to 592 billion won ($501 million) in 2019 from 790 billion won a year earlier, the company said in a regulatory filing. Operating losses also narrowed to 304 billion won in 2019 from 558.6 billion won a year ago. Sales rose 5.6 percent on-year to 5.51 trillion won in 2019, the company said. Hyundai Merchant
Feb. 13, 2020
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Korea Aerospace 2019 net more than doubles on KF-X project
Korea Aerospace Industries said Thursday its net income more than doubled in 2019 from a year earlier, helped by a local project that replaces aging fighter jets in the Air Force. KAI, the country's sole aircraft manufacturer, reported a net profit of 130 billion won ($109 million) last year, compared with a profit of 55.5 billion won a year ago, the company said in a statement. "On top of the KF-X project, the company delivered eight T-50 TH advanced trainer jets to Thailand in July la
Feb. 13, 2020
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Fewer releases save Nexon
Nexon reported marginal shifts in yearly revenue and operating profit, Thursday, maintaining business as usual thanks to revenue from V4 and cost-saving on overall marketing due to fewer releases last year. In 2019, Nexon earned 2.68 trillion won ($2.26 billion) in revenue and 1.2 trillion won in operating profit, up 4 percent and 3 percent on constant currency from the year before. Nexon is listed in the Tokyo Stock Exchange First Section and is included on the Nikkei 300 Index. When adjust
Feb. 13, 2020
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Coronavirus provokes disputes between consumers, travel agencies
An increasing number of disputes are being reported between consumers and travel agents over trip cancellation fees, as the coronavirus outbreak continues to stifle international travel. The nation’s major travel agencies have been waiving cancellation fees for travel products such as flights, hotels and car rentals involving China, Hong Kong and Macao. However, as the government has further encouraged people to limit their travel to Japan, Taiwan, Malaysia, Vietnam, Thailand and Singapo
Feb. 13, 2020
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FTC slaps W1.6b antitrust fine on BGF Retail
South Korea’s antitrust watchdog has slapped convenience store chain BGF Retail with a fine of 1.6 billion won ($1.31 million) for violating a subcontracting law, officials said Thursday. The Fair Trade Commission said CU, one of the leading convenience store chains in Korea, was found to have forced subcontractors to pay more than 50 percent of costs for buy-one, get-one-free marketing activities between 2014 and 2016. During the period, the retail firm set up an operation strat
Feb. 13, 2020
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Galaxy Z Flip appeals to fashion crowd in New York
SAN FRANCISCO -- After the big reveal of the impressive Galaxy Z Flip at Unpacked, Samsung Electronics’ smartphone business head Roh Tae-moon on Wednesday flew to New York to attend an exclusive event hosted by Thom Browne, the company’s new partner. Roh was invited by the New York-based fashion company as one of the guests for an event prepared for the Fashion Week. The Samsung executive’s participation in the fashion industry’s major show was made based on t
Feb. 13, 2020
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[News Focus] Overseas Korean food fairs to entice palates
SEJONG -- South Korea’s food producers are pinning high hopes on the overseas K-food Fair events this year on the back of the growing popularity of local dishes thanks to TV programs and movies. Over the past few years, the annual exhibition has provided local producers -- mostly food processing firms -- with wider opportunities to tap overseas markets, including in Asia, America and Europe. Small and medium-sized enterprises mostly participate in the events, organized by the Ministry o
Feb. 13, 2020
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Lotte Shopping to sell assets to shore up profit, focus now on online biz
Lotte Shopping Co., the operator of South Korea's biggest department store and second-biggest discount store chain, said Thursday it will sell 30 percent of its 700 outlets as it strives to improve profitability and meet customer demands. Lotte Shopping plans to sell off 200 of its 700 brick-and-mortar stores, including department stores, discount stores and supermarkets, across the country to shore up its falling profit and strengthen the e-commerce business, the company said in a statement.
Feb. 13, 2020
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SK E&C inks $750m deal, set to begin beltway construction in Kazakhstan
SK Engineering and Construction said Thursday it has inked a financial agreement with Kazakhstan and will start the construction of a beltway in the country, marking the first public-private partnership infrastructure project there. According to the company, it signed the agreement to furnish the construction fund for Almaty Ring Road with a group of creditors consisting of multilateral development banks, including the European Bank for Reconstruction and Development, in Kazakhstan’s ca
Feb. 13, 2020
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Hanwha Q Cells rolls out solar power solutions for Bundesliga club
Korean solar panel maker Hanwha Q Cells has provided a solar power system to one of the top-tier football league Bundesliga clubs in Germany. The company said Thursday that it has installed solar power solutions with a maximum output capacity of 102.3 kilowatt-peak for RB Leipzig’s Red Bull Arena stadium and the club’s training center Red Bull Academy. The company’s Q.Peak Duo solar modules and Q.Flat roof mounting system were used. For the stadium, a solar power solutio
Feb. 13, 2020
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With MWC 2020 canceled, Korean firms put plans on hold
The Barcelona-based Mobile World Congress has withstood a bevy of bad news in its 33-year history, including the global financial crisis of 2007-2008 and the severe acute respiratory syndrome epidemic of 2002-2003, but it has now failed to survive the most recent viral outbreak from China. MWC 2020 has been completely off called, according to the announcement on Thursday made by the GSMA, the organizer of the world’s largest wireless show. It is the first time for the annual show to be c
Feb. 13, 2020